The Switzerland-based bank Sygnum revealed on Tuesday that the firm now allows Ethereum 2.0 staking. The FINMA-approved company’s customers can access the Ethereum-based staking services via Sygnum’s banking platform.
Sygnum’s Banking Platform Offers Ethereum 2.0 Staking
Last November, Sygnum Bank AG revealed that it is partnered with the company Taurus Group, a firm that also works with SEBA bank and other Swiss fintech services. The financial services company also detailed at the time that Sygnum would offer customers crypto staking accounts.
The partnership with Taurus also revealed the staking accounts available would leverage the Tezos network, a proof-of-stake (PoS) blockchain. Now Sygnum is allowing customers to stake ethereum (ETH) via the fintech firm’s banking platform. Sygnum considers itself the first FINMA-approved bank to enter into the ETH 2.0 staking space.
“Ethereum is the second-largest blockchain protocol, and ethereum staking is a core element for digital asset portfolios which can now be accessed in a convenient, secure and regulated setting”, the head of business units at Sygnum Bank, Thomas Eichenberger said in a statement.
“This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation,” Eichenberger added.
JPMorgan Estimates Crypto Staking Could Be a $40 Billion Industry by 2025
Sygnum Bank’s ETH 2.0 staking offering follows the investor’s note written by the banking giant JPMorgan last week. JPMorgan discussed the Ethereum 2.0 staking shift and estimated that cryptocurrency staking could be a $40 billion industry by 2025.
Sygnum’s head of accounts and custody details in the bank’s latest announcement that “staking is a compelling choice for long-term investors in Ethereum.” Thomas Brunner, the bank’s head of accounts and custody said Sygnum clients can “benefit from potentially higher staking rewards now.”
Statistics show that the Ethereum 2.0 deposit contract has recently exceeded 6 million ether and ETH is one of the most leveraged staking networks today. The Ethereum 2.0 deposit contract allows users to stake ETH in the ETH 2.0 phase 0 beacon chain.
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